Written by Ana María Ramos
Santo Domingo– La Altagracia province and its tourist sectors have evolved over time into real estate paradise. Lavish hotels and residential complexes have reshaped the Dominican Republic, the fastest-growing real estate market in the country, according to the 10th National Census of Population and Housing, conducted in 2022.
Plans for 30 thousand new housing units within five years are expected to transform the country’s tourism hub, Quisqueya La Bella. The area is currently experiencing tremendous growth.
According to the ONE’s 2022 Census, this province’s growth averages 4.18% annually, higher than 1.11%, the national average. However, 35.5% of the homes were omitted in the census, according to the organization.
Over 50 thousand homes, including those under construction or planned for the next five years, create a significant challenge for government authorities. The region lacks proper urban planning and adequate infrastructure such as roads, and aqueducts needed to meet high demand.
The local government, led by Ramón Antonio Ramírez (Manolito), expects the area’s growth to continue. Citing an increase in hotel demand from 45,000 to over 50,000 rooms, he emphasized job creation and growing migration to the region.
Ramírez (Manolito) shown above, reported that the 10th Census data showed the La Altagracia province’s population increased from 43,982 to 138,919. He also stated that he expected the real estate explosion to cease once the Territorial Planning Plan is enacted. This plan will guide the next 20-25 years of development in the area, ensuring proper urban planning and sustainable growth.
Tourism diversification includes antiquity-themed residential complexes, ultra-luxury hotels, colonial-style towns, water parks, and wellness tourism facilities.
Puntacana Group
Region’s tourism business leader and Puntacana Group founder, Frank Rainieri, emphasized the need for infrastructure investment. He recommended reinforcing construction laws for clarity in urban planning and ensuring the existence of sewage treatment and potable water systems.
Rainieri also underscored digital transformation. He stressed ensuring the adaptability to new technologies, and changes brought by market trends. Rainieri pinpointed sustainability as an integral part of their strategy. He stated that one of the Group’s main investments includes the Playa Serena ultra-luxury hotel scheduled to open in 2026. The Puntacana Group is also undertaking a solar project that will supply over 50% of Punta Cana’s energy needs. They also plan to expand Terminal B of the Punta Cana Airport with a $90 million investment, allowing the airport to accommodate over 11 million passengers every year.
Larimar City & Resort, one of the significant developments, plans to provide 30,000 homes, six hotels with 2,000 housing units among other facilities. The company promoting this project is Engineering and Structures of the Caribbean – INERCAR, SRL, a Spanish company subsidiary.
Additional mega developments include Cruise On Land, with the proposal to provide 4,500 rooms and a theme park with over 100 attractions. These projects are spearheaded by the collaboration of Colombian and Dominican entrepreneurs.
The Gesproin Group, a Spanish and Dominican collaboration, has unveiled its Coral Golf Resort with the possibility of promoting 4,500 residential rooms.
The Dominican capital-backed Sánchez Business & Corp developing Ciudad del Sol and Destination City by its president, Jorge Subero Medina, is another significant project. The latter project currently has 5,556 rooms under construction and 7,595 in operation.
A contributor to Bávaro and Punta Cana area’s real estate development has been Noval Properties, delivering over 2,000 units since its inception in 2003. Their current project includes Poseidonia Residences, a luxury complex with a vast pool.
Vistacana, an emerging community in Bávaro, has 72 projects currently under construction. Huacachina, a Peruvian company, is another significant foreign investor with the “Alta Vista Village” project. The company has sold 600 units to date, and the next stage includes 500 more units.
Additional contributions are noted from Cana Bay with 13 pending projects, Developer Morada with its goal to build 1,417 properties, and Perassan Group, a foreign capital-backed enterprise, building 144 housing units. All these projects have significantly contributed to the eastern Dominican area’s real estate development.
Original article published in the 8th edition of El Inmobiliario print edition, adapted for the digital platform.